2024 – Q1 In risk management insurance is an example of removed a Risk
Risk Management – 2024
| Q1. In risk management, insurance is an example of: [removed] a. Risk avoidance [removed] b. Risk acceptance [removed] c. Risk deflection [removed] d. Contingency planning Q2. A key feature of business risk is: [removed] a. it focuses on optimizing profit [removed] b. it focuses on minimizing costs [removed] c. it is not found in government operations [removed] d. there is opportunity for gain as well for loss Q3. With proper planning all project risks can be eliminated. [removed] a. true [removed] b. false Q4. If the cheapest cost per widget has historically been $30, the most typical $40, and the most expensive $70, what is the expected cost of a widget (use the Beta distribution as the basis of your computation)? [removed] a. $40.00 [removed] b. $43.33 [removed] c. $45.00 [removed] d. $46.67 Q5. Ishikawa fishbone diagrams are used for: [removed] a. Quality assurance purposes [removed] b. Bench marking [removed] c. Quality planning [removed] d. Quality control Q6. In firm fixed-price contracts, which of the following bears the greatest share of risk? [removed] a. buyer [removed] b. contractor [removed] c. both [removed] d. general public Q7. The ISO 9000 perspective on quality is that quality is basically defined by: [removed] a. senior management [removed] b. customers [removed] c. project sponsors [removed] d. project managers Q8. When we have objective data on the probability of an event, we are involved with decision making under conditions of risk. [removed] a. true [removed] b. false Q9. Value engineering minimizeS engineering risk for: [removed] a. buyers [removed] b. contractors [removed] c. both buyers and contractors [removed] d. shareholders Q10. What is the principal criticism of Crosby’s definition of quality as ‘conformance to specifications’? [removed] a. The specifications themselves may be off target [removed] b. It doesn’t take into account that 85% of quality problems can only be fixed by management actions [removed] c. Crosby is not a quality expert [removed] d. It is too difficult to test for quality using Crosby’s definition Q11. The father of ‘statistical quality control’ and inventor of the control chart is: [removed] a. Edward Deming [removed] b. Walter Shewart [removed] c. Joseph Juran [removed] d. Kaoru Ishikawa Q12. In quality management, the most expensive problems to fix are the problems fixed: [removed] a. at the project initiation phase [removed] b. at the planning phase [removed] c. at the implementation phase [removed] d. after the product is released Q13. Management reserves are meant to deal with: [removed] a. known unknowns [removed] b. unknown unknowns [removed] c. risk deflection [removed] d. risk avoidance Q14. There is a definite link between the level of risk an enterprise faces and the project time frame. [removed] a. true [removed] b. false Q15. Decision trees force decision-makers to break decisions into their logical components. [removed] a. true [removed] b. false Q16. Contingency allowances deal with: [removed] a. known unknowns [removed] b. unknown unknowns [removed] c. risk deflection [removed] d. risk avoidance Q17. Points outside the control limits usually come from: [removed] a. random variability [removed] b. poor implementations [removed] c. special causes [removed] d. Pareto variability Q18. Risk mitigation involves reducing the risk event probability, event impact or both. [removed] a. true [removed] b. false Q19. Pareto’s law teaches that the larger the number of quality problems we try to solve, the better off we are. [removed] a. true [removed] b. false Q20. A function of risk management is to minimize project risks and maximize opportunities. [removed] a. true [removed] b. false Q21. What quality management tool shows that most of the time, 80% of quality problems are created by 20% of the sources of problems: [removed] a. Fishbone diagrams [removed] b. Control charts [removed] c. Pareto diagrams [removed] d. Flow charts Q22. A measure is said to be reliable if: [removed] a. it actually measures what it purports to measure [removed] b. after repeated measurements, it leads to results that are close to each other [removed] c. it is on target [removed] d. it provides answers that are precise Q23. The emphasis of ISO 9000 is on the quality of the products produced by organizations. [removed] a. true [removed] b. false Q24. When a firm adopts the Total Quality Management procedures, which of the following is the likely outcome? [removed] a. A continuous focus on lowering production costs [removed] b. A continuous focus on giving the customer more than he or she indicated in the requirements definition statement [removed] c. A continuous focus on improving the processes that produce the products or services [removed] d. Managers set the tone and workers take responsibility for poor quality Q25. When a vendor’s truck arrives at your loading dock and you examine the contents of some of the boxes of goods being delivered, you are engaged in the process of: [removed] a. quality review [removed] b. acceptance sampling [removed] c. quality assessment [removed] d. Pareto optimization Q26. The utility function captures the extent to which: [removed] a. people are either risk takers or risk avoiders [removed] b. senior management is satisfied with the project team’s risk management plan [removed] c. the project team feels good about its risk management plan [removed] d. the customer is satisfied with the project team’s risk management plan Q27. Technical risk is the risk that the product we develop might not sell. [removed] a. true [removed] b. false Q28. Which of the following is a risk event? [removed] a. Poor estimating [removed] b. Insurance [removed] c. Management reserve [removed] d. Contingencies Q29. A fishbone diagram focuses on identifying the sources of quality problems encountered in a process. [removed] a. true [removed] b. false Q30. The processes of quality management are: [removed] a. Quality planning, quality control, quality assurance, and quality improvement [removed] b. Benchmarking, inspection, and prevention [removed] c. Quality planning, benchmarking, inspection, and prevention [removed] d. Quality planning, quality control, benchmarking, and inspection Q31. The amount of money one stands to lose if an undertaking fails is called? [removed] a. Stake [removed] b. Buffer [removed] c. Float [removed] d. Reserve Q32. If a risk event has a 0.8 probability of occurrence and $20,000 target value, what does $16,000 represent? [removed] a. Management reserve [removed] b. Contingency allowance [removed] c. Expected value [removed] d. Project budget Q33. In cost-plus contracts, which of the following assumes the greatest share of risk? [removed] a. contractor [removed] b. general public [removed] c. buyer [removed] d. both the buyer and contractor Q34. The legal structure an organization assumes can be a source of risk. [removed] a. true [removed] b. false Q35. In project quality management, benchmarking helps to: [removed] a. determine the benefit and costs of meeting quality requirements [removed] b. measure one’s own products, services and practices against the best practices in the field [removed] c. show how various elements of a quality system are integrated [removed] d. determine which variables have the most influence on the overall project outcome Q36. As a project nears completion, which of the following is likely to occur? [removed] a. Risk increases [removed] b. Stake increases [removed] c. Stake decreases [removed] d. Risk and stake decreases Q37. Variance in quality management means non-conformance to requirements. [removed] a. true [removed] b. false Q38. At the core of Monte Carlo simulation processes is employment of: [removed] a. gambling strategies [removed] b. expected monetary value [removed] c. a random number generator [removed] d. expert judgments from subject matter experts Q39. In developing Ishikawa diagrams, it is typical for a problem under consideration to be stated on the left side, with the possible causes on the right. [removed] a. true [removed] b. false Q40. Continuous quality improvement depends heavily upon: [removed] a. hard work [removed] b. monitoring special causes of variance [removed] c. use of checklists [removed] d. employment of the PDCA cycle |
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